FRIENDS OF MADAGASCAR MISSION (FOMM)
NOTES: A Mission Endowment Fund was officially established by resolution at the board meeting of Friends of Madagascar Mission on Aug. 28, 2014
I. The purpose of the FOMM Endowment and Memorial Fund
A. The Friends of Madagascar Mission Endowment and Memorial Fund (Hereafter referred to as “Fund”) shall provide a vehicle and structure for members who have the ability and the desire to benefit Friends of Madagascar Mission (Hereafter referred to as FOMM) through charitable giving that is over and above their regular support of the annual budget; and giving that is consistent with its mission of witnessing to the message of salvation through Jesus Christ on both a local and global level.
B. In addition the Fund shall enable FOMM to promote funding of specific needs supports its mission and ensures the mission’s financial stability.
II. The Friends of Madagascar Mission Endowment and Memorial Fund Committee (Hereafter referred to as “Committee”).
A. Voting members of the board of directors of FOMM shall serve as the Committee.
B. The Board of Directors of Directors of FOMM shall elect a chairman of the fund.
C. The FOMM treasurer shall maintain the account of the Fund.
D. The FOMM secretary shall record the actions of the Committee.
III. The Mission Endowment Funds and Distributions
A. The Fund shall have two initial Funds:
1. The Mission Endowment Fund
2. The Memorial Fund
3. And may create additional Funds as may be needed to fulfill specific requirements of donors.
B. The Mission Endowment Fund shall provide annual disbursement of investment earnings only, beyond the operating budget of this ministry as stated below.
1. The kinds of projects the Fund will be supporting will include but not limited to the following: Evangelists, Ejeda Nutrition Project, Prison Ministry Project, Bible School Renewal International, Tandroy Bible and Hymnal Printing.
2. No distribution to the projects shall exceed 40% of the total distribution.
3. The Memorial Fund shall provide an opportunity for gifts to FOMM that support predetermined projects according to the purpose of the funds.
a. The Committee shall determine the projects the Memorial Fund shall be designated.
b. The Fund may expend both the principle and earnings on an annual basis.
4. The creation of additional Funds (III. A. 3.) shall operate and be distributed according to the intent of this document.
IV. The Investment and Distribution of the Mission Endowment and Memorial Funds
A. The Mission Endowment Fund investment objective will be to provide long-term growth so the annual distribution will keep pace with inflation, i.e. the annual distribution will maintain its purchasing power.
1. All investments shall be invested by an outside investor, and no Committee member shall invest the assets in a way that would bring private gain to that individual.
2. Thrivent Financial has been selected to be the outside investment firm to manage the FOMM Endowment Fund.
3. Accounting and a report of ministries supported through the Fund shall be distributed to the board members at each board meeting.
4. Annual distributions may begin only after the Fund reaches a value of $25,000.00. The annual distribution will only be made from the profits of the fund: interest, dividends, and other earnings.
B. The Memorial Fund investment objective will be to provide annual growth for the Fund.
1. All investments shall be invested to bring the highest return on an annual basis and no committee member shall invest the assets in a way that would bring private gain to that individual.
2. Annual accounting and a report of ministries supported through the Fund shall be distributed to the Board of Directors at each board meeting.
C. Any and all other additional Funds created shall operate under the investment and distribution procedures described in IV. A. and B.
V. The duties of the Mission and Memorial Endowment Fund Committee
A. Procedure rules for the Committee:
1. A quorum shall be a majority of voting members of the Board.
2. Actions of the Committee must be by a majority vote.
3. The Committee shall meet at least two times per year at a date and time agreed upon by the Committee.
B. The Committee shall educate the donors and supporters about the FOMM Mission Endowment and Memorial Fund, promote the Funds, encourage gifts, and solicit donations in an appropriate manner.
C. The Committee shall receive and celebrate gifts given for ministry to the FOMM Mission Endowment and Memorial Fund in the following venues: Newsletter, the Annual Report, and in a public way when appropriate.
D. The Committee shall establish policies and procedures for accepting or rejecting proposed gifts by donors. The Committee has the discretion to decline acceptance of a gift if deemed to be in the best interest of the Funds and FOMM.
E. The Committee shall be the recipient of gifts received by FOMM such as, but not limited to, bequests, life insurance proceeds, and remainders from life income agreements.
F. The Committee shall establish procedures and policies for the soliciting and selection of grant requests from the Funds, in accordance with the requirements and limitations of the amounts of money in the various Funds. Grants can only be given to legally qualified recipients as defined by the Committee.
VI. FOMM may upon the recommendation of the FOMM Mission Endowment and Memorial Fund Committee, decide when and if any Fund principal, or corpus, shall be used. This shall be approved by a two-thirds (2/3) vote of the Board of Directors present at a legally called meeting of the Board of Directors. This holds true if the principal, or corpus, is ever needed in the event of a catastrophe, or dire economically devastating emergency.
VII. In the event the incorporated body known as FOMM, or its successor(s), cease to exist, and then the FOMM Mission Endowment and Memorial Fund shall be allocated for the support of projects, programs and activities of the Malagasy Lutheran Church in Madagascar or its successor that have been supported by the FOMM Mission Endowment and Memorial Fund.